The Central GST Department has decided to take measures to recover interest amount from the defaulters under section 50 of the Central Goods and Services Tax Act, 2017 including recovery of properties etc. A standing

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the payment of interest to partners by a partnership firm according to the partnership deed cannot be disallowed by invoking section 14A

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that interest-bearing funds not utilised for advancing funds and upholds the deletion of interest made u/s 36(1)(iii). The assessee, SKM Fabrics

The Central Board of Direct Taxes (CBDT) issued the clarification on the continuation of the concessional rate of tax on interest income of Foreign Portfolio Investments (FPIs). The Board has clarified that the concessional rate

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) recently held that the Interest accrued on Loans is taxable as business income under the provisions of the Income Tax Act, 1961. In

The Reserve Bank of India (RBI) on Friday issued the review of instructions on Interest on overdue domestic deposits. The RBI has directed all Scheduled Commercial Banks (including RRBs), All Small Finance Banks, All Local

The Reserve Bank of India (RBI) ordered the Banks and NBFCs to immediately make a policy to refund the ''interest on interest'' charged during the moratorium. The Circular was issued by the RBI with regards

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a partners’ remuneration from the Firm shall be subject to the application of presumptive interest rate under section 44AD of

The Income Tax Appellate Tribunal (ITAT), Delhi Bench presided by Mr. Aakash Deep Jain, Vice President, and Dr. B. R. R. Kumar, Accountant Member has held that interest from the fixed deposit is an unearned

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench ruled that the disallowance of interest can not be made where interest-free funds are sufficient to cover interest-free investments. The assessee, Nirshilp Securities Private Limited had earned

The division bench of the Himachal Pradesh High Court held that interest on securities and interest on head office investment account earned prior to 1995 are not subject to tax under the Interest Act, 1974.

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench has held that no addition of interest under section 36(1)(iii) on interest-free loan/ advance to sister concern out of interest-free funds. The appellant, Sidiqbhai Usmanbhai is an

The Gujarat Authority of Advance Rulings in an application filed by M/s Rajkot Nagrik Sahakari Bank Ltd. held that Refundable Interest-Free Deposit shall amount to consideration. It shall not be subjected to GST if benefits

The Reserve Bank of India (RBI) has issued modified norms on Interest Equalization Scheme for export credit after the extension of the scheme till March 2024. The Government of India has approved the extension of the Interest

The Central Board of Direct Taxes (CBDT) recently clarified that, on death of both parents, the TDS on the interest income accrued to a minor shall be deducted from the Minor, not from Grand-parents. The